Bay City FHA Loan Rates, Closing Costs & Stats

BAY CITY, MI

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Bay City's 54 lenders originated 447 FHA loans during 2021. The total origination value was $50,485,000, with an average FHA loan value of $112,942.

Bay City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bay City averaged 6.68% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

Bay City's average FHA mortgage closing costs are $4,629.

The average rate for the prior week (2023-03-10) was 6.52% and one month ago for the week of 2023-02-10, the average rate was 6.53%.

The average rate one year ago was 4.62%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.51%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Bay City FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bay City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
ACADEMY MORTGAGE CORPORATION 71 3.48% $5,612
QUICKEN LOANS, LLC 71 2.93% $4,707
The Huntington National Bank 15 3.08% $4,305
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 15 3.41% $5,592
MICHIGAN MUTUAL, INC. 14 3.71% $5,792
FREEDOM MORTGAGE CORPORATION 11 3.25% $2,544
ENVOY MORTGAGE, LTD 11 3.64% $5,170
LAKEVIEW LOAN SERVICING, LLC 8 3.11% $3,283
Independent Bank 8 3.91% $4,834
Mr. Cooper ( Nationstar Mortgage ) 7 3.61% $2,126
LAKE MICHIGAN CREDIT UNION 7 3.23% $4,407
CALIBER HOME LOANS, INC. 6 3.25% $5,395
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.39% $6,399
GENEVA FINANCIAL, LLC 5 3.58% $4,670
UNITED WHOLESALE MORTGAGE, LLC 5 2.89% $5,240
PENNYMAC LOAN SERVICES, LLC 5 3.20% $2,950
VILLAGE CAPITAL MORTGAGE 4 3.12% $2,151
J. VIRGIL, INC. 4 3.00% $7,597
PLAZA HOME MORTGAGE, INC. 4 3.37% $5,045
TCF National Bank 4 3.03% $4,211
Carrington Mortgage Services, LLC 3 3.42% $5,181
MID AMERICA MORTGAGE, INC. 3 3.21% $4,235
NEWREZ LLC 3 3.21% $3,381
NORTHERN MORTGAGE SERVICES, LLC 3 3.25% $2,108
Fifth Third Bank 2 3.13% $5,349
Preston Home Loans Inc 2 3.25% $6,861
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.62% $4,234
Paramount Residential Mortgage Group, Inc. 2 3.31% $4,754
AMERICAN FINANCING CORPORATION 2 2.69% $4,404
Mercantile Bank of Michigan 2 3.56% $4,343
Neighborhood Loans, Inc. 1 3.00% $5,749
GUARANTEED RATE, INC. 1 2.75% $4,323
Bank of England 1 3.00% $6,746
AMERIFIRST FINANCIAL CORPORATION 1 3.88% $3,791
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.38% $2,223
SOUTHWEST FUNDING, LP 1 4.25% $8,615
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $9,504
STOCKTON MORTGAGE CORPORATION 1 3.75% $8,990
SUMMIT FUNDING, INC. 1 3.75% $7,211
The Federal Savings Bank 1 2.38% $9,960
AmeriHome Mortgage Company, LLC 1 3.13% $3,531
TOWNE MORTGAGE COMPANY 1 3.25% $4,799
First State Bank 1 3.25% $4,815
FIRST COMMUNITY MORTGAGE, INC. 1 3.00% $4,649
OCEANSIDE MORTGAGE COMPANY 1 2.99% $1,681
Home Mortgage Alliance Corp 1 3.38% $6,465
HOME POINT FINANCIAL CORPORATION 1 3.13% $4,221
HOMESIDE FINANCIAL, LLC 1 2.75% $6,276
UNION HOME MORTGAGE CORP. 1 2.75% $4,086
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $4,343
BROKER SOLUTIONS, INC. 1 2.88% $6,648
MORTGAGE 1 INCORPORATED 1 3.88% $4,190
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $4,525
NATIONS RELIABLE LENDING, LLC 1 3.75% $5,817

The top Bay City FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 71 FHA loans originated. Their average total fees are $5,612, which is $904 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Bay City FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,544), The Huntington National Bank ($4,305), QUICKEN LOANS, LLC ($4,707), ENVOY MORTGAGE, LTD ($5,170) and CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($5,592).

The lowest rate Bay City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.93%), The Huntington National Bank (3.08%), FREEDOM MORTGAGE CORPORATION (3.25%), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.41%) and ACADEMY MORTGAGE CORPORATION (3.48%).

Bay City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BAY CITY, MI BAY 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $87,850 (3.5%) $118,872 (3.8%) 0.00 333
2018-02-01 $88,800 (4.0%) $124,293 (5.3%) 0.00 327
2018-03-01 $89,900 (4.3%) $128,418 (4.3%) 0.00 302
2018-04-01 $95,850 (6.6%) $137,364 (6.0%) 0.00 279
2018-05-01 $97,350 (2.5%) $135,241 (1.6%) 0.00 286
2018-06-01 $98,950 (10.1%) $136,047 (7.6%) 0.00 390
2018-07-01 $99,900 (13.0%) $146,147 (20.6%) 0.00 387
2018-08-01 $107,000 (22.7%) $149,864 (24.3%) 0.00 388
2018-09-01 $109,900 (27.9%) $150,976 (26.8%) 0.00 391
2018-10-01 $108,000 (24.6%) $145,219 (21.1%) 0.00 384
2018-11-01 $105,575 (19.1%) $144,487 (21.7%) 0.00 375
2018-12-01 $96,400 (7.2%) $142,129 (18.8%) 0.00 369
2019-01-01 $94,800 (7.9%) $141,432 (19.0%) 0.00 348
2019-02-01 $89,900 (1.2%) $141,547 (13.9%) 0.00 312
2019-03-01 $93,457 (4.0%) $142,875 (11.3%) 0.00 292
2019-04-01 $98,350 (2.6%) $144,984 (5.6%) 0.00 281
2019-05-01 $102,400 (5.2%) $150,654 (11.4%) 0.00 297
2019-06-01 $119,450 (20.7%) $163,601 (20.3%) 0.00 317
2019-07-01 $115,400 (15.5%) $158,067 (8.2%) 0.00 330
2019-08-01 $116,445 (8.8%) $160,240 (6.9%) 0.00 349
2019-09-01 $117,264 (6.7%) $160,799 (6.5%) 0.00 365
2019-10-01 $114,334 (5.9%) $160,594 (10.6%) 0.00 383
2019-11-01 $99,900 (-5.4%) $155,554 (7.7%) 0.00 365
2019-12-01 $94,900 (-1.6%) $150,448 (5.9%) 0.00 319
2020-01-01 $88,275 (-6.9%) $143,454 (1.4%) 0.00 277
2020-02-01 $89,900 (0.0%) $152,713 (7.9%) 0.00 265
2020-03-01 $93,475 (0.0%) $155,537 (8.9%) 0.00 248
2020-04-01 $94,950 (-3.5%) $155,074 (7.0%) 0.00 216
2020-05-01 $99,900 (-2.4%) $156,472 (3.9%) 0.00 199
2020-06-01 $117,100 (-2.0%) $167,798 (2.6%) 0.00 188
2020-07-01 $110,225 (-4.5%) $172,528 (9.2%) 0.00 164
2020-08-01 $115,900 (-0.5%) $942,848 (488.4%) 0.00 152
2020-09-01 $112,625 (-4.0%) $176,584 (9.8%) 0.00 139
2020-10-01 $109,900 (-3.9%) $160,416 (-0.1%) 0.00 134
2020-11-01 $123,650 (23.8%) $159,572 (2.6%) 0.00 123
2020-12-01 $127,425 (34.3%) $166,159 (10.4%) 0.00 114
2021-01-01 $129,900 (47.2%) $173,595 (21.0%) 0.00 110
2021-02-01 $126,650 (40.9%) $169,815 (11.2%) 0.00 92
2021-03-01 $106,225 (13.6%) $180,650 (16.2%) 0.00 82
2021-04-01 $161,950 (70.6%) $205,368 (32.4%) 0.00 70
2021-05-01 $149,900 (50.1%) $195,317 (24.8%) 0.00 85
2021-06-01 $141,175 (20.6%) $205,632 (22.6%) 0.00 120
2021-07-01 $147,900 (34.2%) $206,550 (19.7%) 0.00 149
2021-08-01 $137,475 (18.6%) $191,707 (-79.7%) 0.00 169
2021-09-01 $129,400 (14.9%) $187,362 (6.1%) 0.00 175
2021-10-01 $124,900 (13.7%) $188,410 (17.5%) 0.00 179
2021-11-01 $121,075 (-2.1%) $175,098 (9.7%) 0.00 157
2021-12-01 $107,350 (-15.8%) $170,322 (2.5%) 0.00 146
2022-01-01 $103,500 (-20.3%) $169,917 (-2.1%) 0.00 117
2022-02-01 $119,700 (-5.5%) $186,640 (9.9%) 0.00 100
2022-03-01 $129,300 (21.7%) $191,254 (5.9%) 0.00 76
2022-04-01 $149,900 (-7.4%) $205,438 (0.0%) 0.00 75
2022-05-01 $152,725 (1.9%) $213,624 (9.4%) 0.00 95
2022-06-01 $151,225 (7.1%) $197,918 (-3.8%) 0.00 119
2022-07-01 $169,900 (14.9%) $222,625 (7.8%) 0.00 139
2022-08-01 $174,950 (27.3%) $226,089 (17.9%) 0.00 141
2022-09-01 $180,500 (39.5%) $215,421 (15.0%) 0.00 132
2022-10-01 $178,700 (43.1%) $215,677 (14.5%) 0.00 137
2022-11-01 $165,225 (36.5%) $199,913 (14.2%) 0.00 134
2022-12-01 $159,900 (49.0%) $203,128 (19.3%) 0.00 127
2023-01-01 $152,400 (47.3%) $200,700 (18.1%) 0.00 111
2023-02-01 $178,500 (49.1%) $224,151 (20.1%) 0.00 92
Bay City's median listing price for 2023-02-01 was $178,500, a difference of $58,800 (49.1%) versus the prior year and $26,100 versus the prior month.

Bay City's median listing price comes in at 0% of the national average.

Bay City's average listing price for 2023-02-01 was $224,151, a difference of $37,511 (20.1%) versus the prior year and $23,451 versus the prior month.

For the 2023-02-01 period, Bay City had 92 MLS listings, a difference of -19 listings (-17%) versus the prior month and -8 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,380 sqft
2018-02-01 0 days 1,367 sqft
2018-03-01 0 days 1,373 sqft
2018-04-01 0 days 1,386 sqft
2018-05-01 0 days 1,386 sqft
2018-06-01 0 days 1,388 sqft
2018-07-01 0 days 1,400 sqft
2018-08-01 0 days 1,424 sqft
2018-09-01 0 days 1,448 sqft
2018-10-01 0 days 1,454 sqft
2018-11-01 0 days 1,442 sqft
2018-12-01 0 days 1,396 sqft
2019-01-01 0 days 1,402 sqft
2019-02-01 0 days 1,391 sqft
2019-03-01 0 days 1,386 sqft
2019-04-01 0 days 1,418 sqft
2019-05-01 0 days 1,454 sqft
2019-06-01 0 days 1,477 sqft
2019-07-01 0 days 1,471 sqft
2019-08-01 0 days 1,507 sqft
2019-09-01 0 days 1,486 sqft
2019-10-01 0 days 1,467 sqft
2019-11-01 0 days 1,452 sqft
2019-12-01 0 days 1,402 sqft
2020-01-01 0 days 1,361 sqft
2020-02-01 0 days 1,362 sqft
2020-03-01 0 days 1,400 sqft
2020-04-01 0 days 1,367 sqft
2020-05-01 0 days 1,403 sqft
2020-06-01 0 days 1,535 sqft
2020-07-01 0 days 1,531 sqft
2020-08-01 0 days 1,566 sqft
2020-09-01 0 days 1,497 sqft
2020-10-01 0 days 1,483 sqft
2020-11-01 0 days 1,474 sqft
2020-12-01 0 days 1,426 sqft
2021-01-01 0 days 1,480 sqft
2021-02-01 0 days 1,402 sqft
2021-03-01 0 days 1,378 sqft
2021-04-01 0 days 1,546 sqft
2021-05-01 0 days 1,480 sqft
2021-06-01 0 days 1,460 sqft
2021-07-01 0 days 1,500 sqft
2021-08-01 0 days 1,492 sqft
2021-09-01 0 days 1,476 sqft
2021-10-01 0 days 1,497 sqft
2021-11-01 0 days 1,500 sqft
2021-12-01 0 days 1,473 sqft
2022-01-01 0 days 1,491 sqft
2022-02-01 0 days 1,419 sqft
2022-03-01 0 days 1,413 sqft
2022-04-01 0 days 1,461 sqft
2022-05-01 0 days 1,527 sqft
2022-06-01 0 days 1,466 sqft
2022-07-01 0 days 1,496 sqft
2022-08-01 0 days 1,515 sqft
2022-09-01 0 days 1,526 sqft
2022-10-01 0 days 1,559 sqft
2022-11-01 0 days 1,526 sqft
2022-12-01 0 days 1,546 sqft
2023-01-01 0 days 1,454 sqft
2023-02-01 0 days 1,500 sqft
Bay City's median listing age (time on market) for 2023-02-01 was 0 days.

Bay City's median square footage for active listings during the 2023-02-01 period was 1,500 sqft. One year prior, the average listing was 1,419 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).